Daily Comment

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! U.S. equity futures are recovering after a hard break yesterday. PM May is on her way out. There is hope of a break on the China/U.S. trade dispute. Here is what we are watching: Trade: There was mixed news on the trade front. … Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! U.S. equity futures are modestly lower this morning. There is a lot of news to digest this morning. Here is what we are watching: Trade wars: There is little evidence that the trade situation in China is improving. If anything, conditions are worsening. … Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] (N.B. We are making a modest change today in this report. Instead of footnoting links to news items, we are moving to using hyperlinks. To see the linked story, simply click the underlined and highlighted item in the report. This is a more “modern” way… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! U.S. equity futures are higher this morning as Huawei (002502, CNY 3.71) gets a reprieve. Political turmoil rises in Europe. Here is what we are watching: Huawei: The Commerce Department announced a reprieve for the Chinese tech company, giving it three months before… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday! U.S. equity futures rolled over in the early morning hours on trade concerns. Tensions with Iran increase. Here is what we are watching: China trade: Positions appear to be hardening, but the tariffs are becoming less of an issue and the restrictions on… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Friday! Markets are down due to rising trade tensions between the U.S. and China. Here are the stories we are following: Trade talks on hold: It appears the president’s attempt to bring China back to the negotiating table by targeting one of its key… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets are higher this morning as fears of a trade dispute between the U.S. and Europe dissipate. That being said, escalating tensions in the Middle East and between U.S./China have caused a rally in bonds. Here are the stories we are following today: All-in on… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! Markets are mixed this morning as Chinese equities lifted on speculation that Beijing will provide stimulus following weak economic data, while concerns that U.S. tariffs could dampen economic growth have weighed on U.S. futures. Here are the stories we are following today: War… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets were mixed this morning as rising tensions in the Middle East have caused oil prices to increase, while a softening of rhetoric by the president has restored optimism for a possible trade deal between the U.S. and China. Here are the stories we are… Read More »

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning, all! Equities are soft this morning due to rising tensions in trade and the Middle East. Here are the stories we are watching: China responds: This morning, China decided to impose tariffs on $60 billion of U.S. goods starting June 1. The decision… Read More »

These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.

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